Now that the 3rd quarter is over, is there any information as to whether it was better than the previous quarters or whether it did not live up to expectations?
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The problem in the manufacturing sites are numerous, too many chiefs and not enough Indians as the saying goes. Poorly designed products. Too high a manufacturing targets for workers k–ls quality. Management not interested in listening to experienced people. Competing with established products from other companies with better Quality. Moral at a all time low . No incentive or benefits for experience.
November would be pretty late for a good, agile and innovative company to report the numbers from the previous quarter, or?
Yes, well into Nov sounds about right. They are going to need as much time as possible to do damage control and try and spin this as positively as they can.
9mpz - the date hasn’t been announced yet but Zacks is estimating the earnings date at about November 12.
Does anybody know anything when the Q3 2019 Resideo Earnings Conference Call will be held? Hope this will not be a very negative surprise.
3bue - I have heard about this ( and Validated) . He is known to be a cutter. Companies bring him in to cut....that's all he knows how to do. Like previous post states he cut that division of HP to the bone before it was sold off.
Then there's all these gaming id–ts that are going to save us. Here's where its dangerous.....this isnt a 30 person gaming company. You are competing with the Amazons (ring etc ) and google (nest etc) and you are 8 years behind as far as innovation. The scary thing is they haven't (and can't) deliver ANYTHING and the board is fascinated with what they say and their resume.
Lastly, There were a few layoffs in a couple of sites this week. Looks like the new tactic is small here and there layoffs over a long period to keep it under the radar.
Good luck all...should be an interesting crash.
The “leadership” does not understand how to create something people want to buy. Their only game plan is to cut cost. Geez, the top guy was hatchet man for HP.
3nkn - ADI makes the numbers, except the margins that feed us... but don't worry quicksilver margins as shown will help products align margins with ADI. What a strategy !
BTW Is Resideo willing to be a new tech develpper or a manufacturer? So far we've seen cuts all over R&D where inovation should come from (try to compensate marketing...) but have not heard about shutting down manuf plants that are inefficient and drain all ressources. Did it never get to the board that a good SKU rationnalisation along with manuf footprint reduction could improve bottom line? Get manufacturing outsourced and invest in product developpement rather than k–ling R&D knowledge?
I always love the "my very reliable sources" comment. They are always wrong..
I too have seen the numbers and not only did security do badly but comfort was an absolute disaster. Overall the entire company was a horror show from a financial perspective. 3NGG is correct, There was a lot of creative accounting in the last quarter which was bad....I don't think there could be creative accounting to make this last quarter look good unless someone is willing to risk going to jail for false reporting and manipulation.
The only branch of the business making the numbers is ADI, keeping the rest of the useless company afloat.
As someone who sees our sales numbers for security in the americas, I would say there had to be some creative accounting to hit any numbers
With respect to security business my very reliable source told me that we hit our numbers for Q3 and I trust what he said 100%.
2hwu - Awesome post. I would disagree on the numbers for the game changing DIY security product...its more like 2,000. But Quicksilver going to fix that...if it ever gets delivered. Oh wait...we are going away from DIY while everyone else is going DIY... It makes sense to take a day off and wait for some mo–n to show up and install things so poorly designed you cant install it on your own.
2fld - it has c;early been proven that your next gen products (when they actually work and stay up) are at least 15 generations behind Google, Amazon and ecobee. Those companies actually innovate and deliver. BTW... Good luck with Buoy, I heard you guys are back to the ole' drawing board with the hardware. Designed and manufactured so badly you guys can't sell it from a reliability and safety perspective. fantastic M&A...great job!
Maybe the overseas talent can fix that....once they master indoor plumbing and can understand what its supposed to do.
The "overseas talent" succeeded very well at replacing the Brno, Melville etc high cost talent and purging the remaining intelligentsia from HW Homes and HSG that were a threat to them. Failed miserably at actually delivering anything except for that game changing DIY security product in 2018 that has a ground-breaking 3000 or so units on the air. Good luck to you, you have the rudder now.
Hopefully things will turn positive for us when we release the next generation products
1uzn - Complete Lie. The "overseas" talent didn't help. In fact they actively blocked efforts from the US/Brno teams to improve the code, including "rebasing" without telling anybody. Ask any team member who worked in Austin, Lynnwood, Melville, Brno, or Atlanta. Oh, I forget, they all left out of frustration because they couldn't get anything done. That said, "overseas talent" has won. Congratulations, enjoy riding the sinking ship.
1uzn- You are looking at things strictly from an operations/engineering prospective. Go talk to customers (or people that deal with customers everyday) and you will find that we have lost their confidence. You may be right in the fact that we are building a good foundation going forward and maybe we are bringing in good people, I can't accurately comment on that anymore than you can comment on how well the business is doing. We are losing longtime loyal customers everyday, and they won't come back quickly.
Are we going to see more layoffs in melville ?
This is really getting out of control
1uzn - you're funny ....we brought talent from "overseas" they were the ones that screwed us so bad Honeywell dumped us. They are just happy to have indoor plumbing...lol Everything you say in your post is a lie but nice try.
The numbers were perfect, revenue across the board. Software quality has increased as well as uptime, thanks to many that came from overseas. Even the new CTO believes all is going well as long as we trust our offshore software gurus for mobile, IOT, data and firmware.
dvw - Not sure what numbers you are looking at but the numbers I see EVERYDAY are in line with what SRA states...very bad. Also, ask the folks at ADI that got laid off last week and the week before if they believe there arent any layoffs. LOL..."best stock analysts are saying" Our stock is down over 40% in the last month you hr troll. LOLZ
Won't even go into the marketing and product disasters going on.
I dont believe these rumors either. It doesnt sounds realistic considering we just had a round of layoffs couple of months ago.
Says the HR troll...
You guys are exaggerating so much and just try to create panic in the company with false information. numbers were OK. No layoffs of any kind are in the horizon. Resideo is a stable company and growing stronger. Listen to what some of the best stock analysts are saying about our company's future.
Start looking for a new job people..
They are a disaster. My estimates would be, July record breaking bad. Take previous worst monthly loss and multiply by three (possibly 3.5) . August, take previous worst month and multiply by 1.5 to 2. Sept looks to be a match or slightly less than previous worst month. I would say quarter looks so bad someone is going to have to step in and shake things up at the top. Board seems to be enamored with how people present and not what they can (or are) delivering so this could be a problem.
Add to this some bad news regarding software making no progress in their area. Products making no progress (and possibly lost some progress). Look for some bad news for the water products with the actual product having to be redesigned due to dangerously bad work done prior to purchasing that company.